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Page No. 2. of 9 pages
Banking, Finance and Insurance
4.
North American banks are active in looking for business with the Bank of China (BOC) in Hong Kong. The Bank of Nova Scotia offered to deposit US$100 m. with the BOC, which however courteously declined on the grounds that it had no need for funds at present. The Chase Manhattan Bank has contrived to displace Citibank as the company responsible for the BOC's US$ travellers cheques business.
For apparently purely commercial reasons, the BOC, acting with the approval of the NCNA, has been gradually divesting itself of shares worth HK$42 m. in Hong Kong's leading indigenous Bank, the Hang Seng
Bank.
5.
The Hong Tai Yuen Company, formed by the Guangdong Enterprises Company (GEC) and its affiliated Chu Kong Shipping Company to buy and develop a godown site in Kowloon Bay, has sought a loan of at least HK$35 m. for this purpose from the Banque Nationale de Paris. The Company is contemplating the sale of the godowns once built and using the proceeds to develop a site on the coast at Tai Lam Kok owned by
the GEC.
G.F. 316
With the needs of foreign investors in mind, the Guangzhou Branch of the Chinese People's Insurance Company is issuing new investment insurance policies, quoting in RMB, against political risks, including strikes, riots, confiscation and restrictions on foreign trade. Hong Kong investors have asked the CPG's three insurance companies in Hong Kong to issue similar policies in Hong Kong dollars.
Commerce
8
Chinese commercial officials in Kuwait have complained to the Ministry of Foreign Trade in Beijing that the China Resources Company in Hong Kong is causing difficulties for China's overseas trade by re-exporting Chinese products at lower prices than those for direct exports from China.
/para 9.
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